Nevada County picayune., 1887-09-22
JEFFERSON ON PAPER MONEY.

And yet even at that, you wlll soon 1 be at the bottom of the loan-bag. We are an agricultural nation. Such an one employs it's sparings in the purchase, or improvement of land or. stocks. The lendable money among them, is chiefly that of orphans aud wards, in the hands of executors and guardians, and that wIliuh the farmer lays by till he has enough for the purchase in view. In such nation there Is one and one only, resource for loans, sufficient to carry them through the expenses of war; ;and that will always be sufficient, aud in the power of an honest govern nlent, punctual in the preserva- ton Oflts faith. The fund mean, is the mass of circulating coin. Every one knows, that although not literally, it is nearly true, that every paper dollar emitted ban ishcs d silver one from the circu- lation. A nation, therefore, mak- ing it's purchases and payments with bills fitted for circulation, thrusts an equal sum. of coin out of fcirculation"- -Jefferson's works, Vol. VI, P. 139.
 "In this way, am not without hope. that this great, this sole re- source for loans in an agricultural country, might ye, be reoovered for the use of the nation during war; and, if obtained in perpctu, um, it would always be sufficient to carry us through any war; pro vided, tlatin the interval between war and war, all the outstanding paper should be called in, coin be permitted to flow in again, and to hold inc field of circulation until another war should require it's yielding place again to the national medium .n-J Jefferson's works, Vol. VI, P. Al. ........#.. s....-#.= s..
 Bank paper must be suppress ed, and the circulating medium must be restored to the nation to whom 1t belongs. # is the only fund upon whieh they can rely FOR LOANS: it is the only resource which can never tail them, and it is an abundant one for every nee cssary purpose. Treasury biis. bOttOmed On tdres, bearing or not bearing interest, as may be found necessary, thrown into circulation will take the place of so much gold and silver, which last, when crow ded. will find an efflux into other countries, and thus keep the quan- tum of medium at its saIutary lev el."-J effersOns works, V. 6, D. 1M.
 "We are now without any medi- un; and necessity, as we'll as patrl- otism aud confidence will make us eager to receive treasury notes. It founded On specific tares."-7Jeffer- sons works, Vol. VI, P. 3S2.
 "But Congress could then have issued treasury notes, payable within a fixed period. and founded on specific. tax, the proceeds of which, as they come in, should be exohangeable for the notes of that particular emission only" ."-J efer. sons works, Vol. VI, P. 3S2. '"
 "Treasury notes of small as well as high denomination, bottomed on tax which would redeem them in ten years, would place at our disposal the whole circulating me- dlum of the United States: a fund of credit sufficient to carry us through any probable length oI war. ."--Jefferson's works, Vol. VI, P. 4l9.
 "ln both cases, the truth IS, that capital may be produced by indus try, and accumulated by economy; but jnggicys only propose to create it by legerdemain tricks with pa per. '-Jefierson's works, Y. 6, p 2il
 "There is indeed a convenincc in l'apcr; it's easy transmission from one place to another. But this may be mainly supplied by bills of Exchange, so as to prevent any great displacement of actual coin. Two places trading togcth CT balance their dealings, fol the most part, by their mutual sup plies, and the debtor individuals of either may, instead of cash, re init the bills of those who are cred itors in the same dealings; or may obtain them through some thirt place with which both have deal ings. The cases would be rare where such bills could not be ob tained either directly or circuit onsly, and too unimportant to tht nation to overweight the train O. evils flowing from paper circnla ton. .-JeffersOn's works, V. 6, p 237
 "Andit is for thi. petty addition to the capi tai of the nation, this minimum of one dollar added to one hundred and thirty three anC third or three iourths per cent that WI ! are to give up our gold and silver medium it's intrinsic solidtv, it's univel sal value. an, it's sayingpowers in time of war, and to sub stitute for it paper with all it's train of evils moral, political and physical which l vii not pretend to enumerate." Jefferson works, Vol. VI r. 23G
 "Thc bankruptcies in London, have re commenced with new force. There is n' saying where .his fire will end, perhaps il the general conIagmtion of all their paper If not now it must erelong. With onl, twenty millions of coin, and three or fou .l hi ntl